Can I purchase/own property in Mexico if I am not a citizen?
Yes, people of any nationality are able to legally buy residential property in Mexico. There are limitations depending on where you are looking to purchase.
Costa Careyes is located within an area in which the acquisition must be made through a Mexican bank trust also known as a Fideicomiso.
What is a Fideicomiso? Why do I need one?
A Fideicomiso is an financial agreement set up between you and a Mexican bank. The bank acts on behalf of the buyer. The bank will have title, but has a fiduciary obligation under penalty of law to follow the actions and requests of the foreign buyer.
The buyer can enjoy, use, rent out, improve upon the property, expand, build and sell the Mexico Real Estate and reap 100% of the profits
Since 1917 Mexico has imposed a law set in the original constitution that limits a Non-Mexican citizen from owning land within 50 kilometers (30.5 miles) from the Mexican coastline. This was originally set in place to avoid foreign parties from utilizing the Mexican coast for strategic or financial gain, fast forward to today, amendments have been made which allow for foreigners to legally purchase and own property under a Fideicomiso for a period of 50 years which can be renewed indefinitely.
What is the role of the Notario? Why are they Important?
The Notario Publico (Notary Public) has many obligations during the process of purchase real estate in Mexico, much greater than in most other countries. They are appointed by the State Governor as responsible for carrying out a number of key aspects of the transaction, such as the authentication of legal documents, titles and deed searches (for liens or other legal/financial issues), tax collecting, construction permit checks (if relevant), capital gains tax calculation etc.
In conclusion the Notario is responsible for ratifying all real estate transactions and providing transactional records for the purchase.
If I decided to sell my property, who can buy it?
Mexican Nationals and Non-Mexican Foreigners can openly purchase the property from you, keeping in mind that the latter would need to setup a Mexican Bank Trust (Fideicomiso) in order to acquire the property from you.